Neuberger Berman, a private, independent, employee-owned investment manager, has partnered with iCapital Network 1, to provide a customised technology, service, advisory and distribution solution for financial advisers and their high-net-worth clients seeking access to the NB Crossroads Private Markets Access Fund (Access Fund).
Launched in January 2021, the Access Fund is a 1933 and 1940 Act registered, continually offered closed-end fund designed to provide increased access to private equity investments to a broader group of investors than traditional private equity funds. The Access Fund invests across a variety of private equity sponsors, industries, geographies, market caps and vintage years. Its portfolio of private investments includes direct co-investments and secondary investments alongside top-tier private equity partners. As of September 1, 2021, it surpassed $300 million of assets. More information on the Access Fund is available here.
Designed to overcome many of the long-standing challenges of investing in alternatives, the iCapital technology and service offering digitalises the subscription, administration, operational and reporting processes. iCapital also provides a full suite of research, due diligence and educational materials to advisors and their clients.
“We launched the Access Fund in large part because of a long-standing belief that private equity should be accessible to a broader scope of investors,” says Tony Tutrone, Head of Neuberger Berman Alternatives. “In partnering with iCapital, we’re further fulfilling that goal by delivering private equity access with a user-friendly platform. We’re excited to provide investors with direct exposure to an asset class, which is a key driver of diversified returns and risk, and that is already a key component of many institutional investors’ portfolios, including major pension funds.”
“Advisors are increasingly seeking quality registered fund offerings to meet their clients’ growing appetite for alternative investments such as private equity, as a way to diversify portfolios,” says Lawrence Calcano, Chairman and CEO of iCapital Network. “We are excited to help open up access to one of the most respected investment managers with an innovative product customised for accredited investors to help meet that growing demand.”
The Access Fund will present investors with the opportunity to gain exposure to the same co-invest and secondary investment programs as the firm’s institutional clients. The partnership provides an important way to potentially optimise returns while also diversifying investors’ portfolios. Neuberger Berman has more than USD80 billion in private market assets under management combined with its 70 years of experience with registered fund vehicles.